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Departmental Public Expenditure

Volume 496: debated on Wednesday 9 September 2009

To ask the Minister of State, Department for Business, Innovation and Skills if he will estimate his Department's expenditure on enterprise funds in each financial year from 2009-10 to 2014-15. (257649)

The Enterprise Funds support the Enterprise Finance Guarantee and legacy Small Firms Loan Guarantee, along with the Department’s equity fund portfolio including Enterprise Capital Funds, the Capital for Enterprise Fund and the Aspire fund.

BIS is fully committed to supporting the enterprise and growth agenda. The Department’s 2008-09 Annual Report and Accounts gives details of spend on enterprise funds and planned expenditure up to 2010-11. Expenditure after that date will be agreed at the next spending review.

In addition, the Government announced the creation of the UK Innovation Investment Fund (UKIIF) in June 2009. The UKIIF backed by £150 million of Government funding aims to attract significant private sector investment to help invest in growing small businesses, start ups and spin outs in the digital, life science, clean technology and advanced manufacturing sectors.